Question 1

What is Moderna's EV/EBITDA ratio?

Accepted Answer

Moderna (MRNA) EV/EBITDA ratio is 16.3× as of November 2, 2023. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Moderna?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Moderna specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is Moderna's EV/EBITDA ratio high or low?

Accepted Answer

Moderna's EV/EBITDA ratio of 16.3× is above its own 5-year average of 11.7× and above the sector median of 15.0×. That places the current reading at the 72th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Moderna's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Moderna (MRNA) EV/EBITDA ratio has ranged from a low of 2.5× in 2022 to a high of 250.4× in 2021. The 5-year average is 11.7× and the 5-year median is 6.9×.

Question 7

What was Moderna's EV/EBITDA ratio in 2022?

Accepted Answer

Moderna (MRNA) EV/EBITDA ratio at the end of 2022 was 6.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Moderna's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$11.56B	−$2.55B	—	—	Dec 31, 2025
2024	$16.01B	−$3.39B	—	—	Dec 31, 2024
2023	$37.89B	−$3.29B	—	—	Dec 31, 2023
2022	$69.15B	$9.94B	6.1×	-0.8×	Dec 31, 2022
2021	$102.86B	$13.53B	6.9×	—	Dec 31, 2021
2020	$41.37B	−$703.37M	—	—	Dec 31, 2020
2019	$6.54B	−$478.16M	—	—	Dec 31, 2019
2018	$5.02B	−$358.02M	—	—	Dec 31, 2018
2017	$5.52B	−$248.82M	—	—	Dec 31, 2017


Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
Medtronic (MDT)	11.7×
AptarGroup (ATR)	11.5×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
Biogen (BIIB)	10.5×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Novo Nordisk (NVO)	6.5×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Moderna (MRNA)

EV/EBITDA daily chart for Moderna (MRNA)

Historical EV/EBITDA for Moderna (MRNA) from 2017 to 2025

About EV/EBITDA at Moderna (MRNA)

Moderna EV/EBITDA by Year

Moderna EV/EBITDA 2022: 6.1×

Moderna EV/EBITDA 2021: 6.9×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Moderna (MRNA) Key Financials

EV/EBITDA daily chart for Moderna (MRNA)

Historical EV/EBITDA for Moderna (MRNA) from 2017 to 2025

About EV/EBITDA at Moderna (MRNA)

Moderna EV/EBITDA by Year

Moderna EV/EBITDA 2022: 6.1×

Moderna EV/EBITDA 2021: 6.9×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Moderna's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Moderna?

+Is Moderna's EV/EBITDA ratio high or low?

+What is Moderna's historical EV/EBITDA ratio range?

+What was Moderna's EV/EBITDA ratio in 2022?

+Why does Moderna's EV/EBITDA ratio change over time?

Moderna (MRNA) Key Financials